SPACs now account for 69% of US IPO deal volume in Q1 2026 as SpaceX's $75 billion listing reignites blank-check appetite and crypto tokenization grows.

SpaceX's record $75B IPO creates a float squeeze for index funds, while its Bitcoin treasury and tokenized equity products ripple across crypto markets.

SpaceX raised $75B in the largest IPO ever. Tokenized shares launched on Solana and Hyperliquid saw $1.3B in SPCX perp volume on day one.